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Article: Baugur's UK subsidiary in administration
- Article from:
- AP Worldstream
- Article date:
- February 6, 2009
- Author:
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BG Holding, the U.K. subsidiary of Iceland's debt-strapped Baugur Group, was placed in administration Friday by a British court.
Landsbanki Island HF petitioned to put PriceWaterhouseCoopers in charge of BG Holding. Baugur reportedly owes 1 billion pounds to Landsbanki, one of Iceland's three big nationalized banks.
Landsbanki's move in Britain pre-empted Baugur's attempt to shelter itself, BG Holding and other subsidiaries under the protection of Iceland's insolvency laws.
Friday's action came a day after Landsbanki moved to put administrators in charge of BG Holding's stakes in several big-name British retailers.
Those holdings included 13.7 percent of Iceland ...